FBAA Calls on Banks to Promote Brokers

The head of the Finance Brokers Association of Australia (FBAA) says improving consumer awareness about brokers remains their number one priority but believes the major banks must start pulling their promotional weight.

A report released by NAB Broker suggests there remains an untapped market still unaware about the role brokers play in providing finance loans despite figures showing more than 50 per cent of new loans now pass through the broking channel.

FBAA chief executive officer Peter White says awareness campaigns about brokers is and will always be their top concern, but argues it is time the banks also start actively promoting the entire broking sector.

“In the end, it’s the banks who ultimately profit from finance broker introduced loans and the more loans transacted, the better the bottom line is for them.”

“It is also a bit rich that the banks make a lot of money off the third party broking channel without having to do a shred of promotion in the marketplace.”

Mr White also dismissed comments from NAB Broker which suggested industry peak bodies have not taken ‘a lead role’ in promoting their business, saying nothing could be further from the truth.

“As CEO, I am on national television, radio talkback and in the mainstream print news on a regular basis extolling the wide-ranging benefits of using a broker. The FBAA has also undertaken several comprehensive public campaigns to educate and highlight our strengths and mission statements.

“Our educational initiatives being launched next year to borrowers, and learning initiatives for brokers, form a major part of the education process so brokers know the best way to maintain communication with customers. The FBAA does not rest on its laurels and is fully aware of the importance of broker engagement.”